Chesapeake Energy 2012 Annual Report Download - page 164
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
154
The following table provides fair value measurement information for financial assets (liabilities) measured at fair
value on a recurring basis as of December 31, 2012:
Quoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair Value
($ in millions)
Financial Assets (Liabilities):
Other current assets ............................. $4$—$—$ 4
Investments .......................................... 20 — — 20
Other long-term assets ......................... 88 — — 88
Other long-term liabilities ...................... (87) — — (87)
Derivatives:
Commodity assets ............................ — 105 10 115
Commodity liabilities ......................... — (13) (1,026) (1,039)
Interest rate liabilities ........................ — (35) — (35)
Foreign currency liabilities ................ — (20) — (20)
Total derivatives ........................... — 37 (1,016) (979)
Total ......................................... $ 25 $ 37 $ (1,016) $ (954)
The following table provides fair value measurement information for financial assets (liabilities) measured at fair
value on a recurring basis as of December 31, 2011:
Quoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair Value
($ in millions)
Financial Assets (Liabilities):
Investments .......................................... $ 34$ —$ —$ 34
Other long-term assets ......................... 61 — — 61
Other long-term liabilities ...................... (62) — — (62)
Derivatives:
Commodity assets ............................ —46 955
Commodity liabilities ......................... — (31) (1,663) (1,694)
Interest rate liabilities ........................ — (42) — (42)
Foreign currency liabilities ................ — (38) — (38)
Total derivatives ........................... — (65) (1,654) (1,719)
Total ......................................... $ 33 $ (65) $ (1,654) $ (1,686)